Small Industries Development Bank of India (SIDBI), the nation's apex financial institution for Micro, Small and Medium Enterprises (MSMEs) has partnered with CRIF High Mark, a leading Indian credit bureau owned by CRIF, for the launch of sector-based insight reports called 'Industry Spotlight'. It will be a series of quarterly reports providing data and trends on key industry sectors in each edition. The first edition of the report will present a deep-dive analysis into the Indian Drugs & Pharmaceutical Industry.
The MSME sector plays a critical role in the economic growth of our nation. In India, more than 6 crore MSMEs contribute around 29.7% of the GDP and employ more than 11 crore persons. It is a vibrant sector and holds the promise of taking the GDP growth of the nation to the next level. Given the global trade tensions and the slowdown in demand affecting the large corporates, it becomes critical for policymakers to frame policies based on real-time data tracking. The Flow of credit has always been a good indicator for assessing the health of the industry sectors and their prospects.
The report aims to analyze the credit landscape of the sector, understand borrower segments with its risk analysis and equip policymakers as well as the MSME players with the required trends and statistics for sectorial growth. A key highlight of this volume is the credit profile that pertains to the finance extended to the drugs and pharmaceutical industry in India.
The collaboration will bring together the expertise of CRIF and SIDBI wherein CRIF will accelerate the progress of every business by supporting their credit decisions and SIDBI will continue to be at the forefront in helping MSMEs realize their inherent potential in terms of export avenues, production capability, employment generation, etc. Industry Spotlight will further empower the ecosystem with the borrower sentiments, established and emerging clusters, and export opportunities.
Speaking on the partnership, Shri Manoj Mittal, Deputy Managing Director, SIDBI said, "The initiative is a part of SIDBI's continuous endeavour to make MSMEs realize their inherent potential in the light of the latest industry and market trends as well as emerging opportunities. The report attempts to provide insights to the policymakers, bankers and other stakeholders including MSMEs drawing upon analysis of granular cluster level data. Over time this report will emerge as an important reference point for all the collaborators and help in contributing even more for the development of the MSME ecosystem."
Mr. Navin Chandani, MD & CEO, CRIF India, on the collaboration said, "It is a proud moment for CRIF India to associate with Small Industries Development Bank of India (SIDBI) for the launch of 'Industry Spotlight'. With the advent of government initiatives like 'AtmaNirbhar Bharat', India has embarked upon its vision to become one of the fastest-growing economies in the coming years. In this prevailing journey, the first industry spotlight presents a deep-seat dive information into the Drugs and Pharmaceuticals. We hope such insights and analysis will be beneficial for the industry at large and will bring value and benefit to all the readers."
Supported by the government initiatives and owing to favourable policy interventions, India's drugs and pharmaceutical industry is attracting investments, renowned for manufacturing prowess and creating employments. The increasing penetration of health insurance in the country is another factor that is potentially going to spike the growth of the drugs and pharmaceutical industry. It is expected to continue its high growth trajectory in the years to come which in turn is expected to give a boost to credit demand in the industry.